News blog

Angle

• BY: Andrew Hore |
• POSTED: 11/07/2008 |
• COMMENTS: Add yours

Braveheart Investment says that bid target Angle hasn’t given it access to its books.

Braveheart is still interested in bidding for technology company developer Angle but it says that it hasn’t been able to do due diligence.

Braveheart says that it wants to undertake due diligence and gain a recommendation from Angle for any bid. Although it adds that it may be willing to waive them.

Braveheart accuses Angle of starving its companies of cash while Angle says that it has cut back investment but it has ensured that the companies have received the cash they need to develop their technologies.

Braveheart claims the backing of some of Angle’s leading institutional shareholders but it doesn’t say which. RAB Capital owns 13.6%, Fidelity 9.8%, Framlington 5.3% and Tchenguiz Family Trust 3.9%.

Angle boss Andrew Newland owns 25.3%.

Angle shares were unchanged at 32p.

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